FINDLAY, Ohio, April 25, 2018 /PRNewswire/ -- MPLX LP (NYSE: MPLX) today announced that the board of directors of its general partner has declared a cash distribution of $0.6175 per common unit for the first quarter of 2018. This represents an increase of $0.01 per unit, or 1.6 percent, over the fourth-quarter 2017 distribution; and an increase of $0.0775 per unit, or 14.4 percent, over the first-quarter 2017 distribution. Since the partnership's initial public offering in October 2012, the MPLX board has authorized distribution increases for 21 consecutive quarters, representing a compound annual growth rate of 17.7 percent over the minimum quarterly distribution established at the partnership's formation. The distribution will be paid May 15, 2018, to common unitholders of record as of May 7, 2018.
On May 1, MPLX will provide an update on its 2018 first-quarter results through an earnings release, to be followed by a conference call scheduled for 11 a.m. EDT that day. Interested parties may listen to the conference call by dialing 1-888-606-5719 (confirmation number 6033306) or by visiting MPLX's website at http://www.mplx.com and clicking on the "2018 First-Quarter Financial Results" link in the "News & Headlines" section.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of MPLX's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, MPLX's distributions to non-United States investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About MPLX LP
MPLX is a diversified, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation to own, operate, develop and acquire midstream energy infrastructure assets. MPLX is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; the transportation, storage and distribution of crude oil and refined petroleum products; and the refining logistics and fuels distributions services through a marine fleet and approximately 10,000 miles of crude oil and light product pipelines. Headquartered in Findlay, Ohio, MPLX's assets consist of a network of crude oil and products pipelines and supporting assets, including storage facilities (tank farms) located in the Midwest and Gulf Coast regions of the United States; 62 light-product terminals with approximately 24 million barrels of storage capacity; an inland marine business; storage caverns with approximately 2.8 million barrels of storage capacity; a barge dock facility with approximately 78,000 barrels per day of crude oil and product throughput capacity; tanks with storage capacity of approximately 56 million barrels as well as refinery docks, loading racks and associated piping; and gathering and processing assets that include approximately 5.9 billion cubic feet per day of gathering capacity, 8.4 billion cubic feet per day of natural gas processing capacity and 610.000 barrels per day of fractionation capacity.
SOURCE MPLX LP